In 1927 the company received permission to build a 160,000 horsepower (120,000 kW) power station at Urriðafoss but was unable to raise capital for construction.

Frímann B. Arngrímsson came to Iceland in 1894 with proposals to mobilize water power to illuminate streets and buildings, but did not obtain backing.

In 1906 he began to engage in power generation enterprises, joining the boards of two companies, Skjálfanda and Gigant.

These were formed to build and operate hydroelectric power plants, particularly the northern waterfalls of the Skjálfandafljót and Jökulsá á Fjöllum rivers.

[1] In 1914 Einar Benediktsson was one of the founders of Fossafélagið Títan and three sister companies Sirius, Orion and Taurus, established to harness the power of the Þjórsá waterfalls.

[1] The Titan company was established in February 1914 with a nominal capital of ISK 12 million, double the budget of the state of Iceland.

Oluf Aall was ten years younger than Einar Benediktsson, and specialized in legal counseling for Norwegian companies in foreign enterprises.

[2] The company obtained share capital, purchased water rights and carried out extensive surveys of Þjórsá and its surroundings.

The company continued to purchase water rights from other southern municipalities, including a stake in Skeiðahreppur on the Háfoss and Hjálparfoss on the Fossá for 3,000 krónur.